The future of more than 300 jobs has been secured with the sale of BMI Regional.
A new buyer was sought for the Aberdeen-based airline when International Airlines Group (IAG) - which already owns BA - bought BMI.
IAG immediately announced plans to sell the bmibaby and bmi Regional, saying they were "not part of its long-term plans".
The company has now been sold to an Aberdeen consortium, Sector Aviation Holdings (SAH) for £8m.
The sale includes bmi Regional's fleet of 18 Embraer regional jets which flies to 14 destinations throughout the UK and Northern Europe.
It is hoped that the sale will transfer within the next two weeks, subject to acceptance by the Civil Aviation Authority.
Willie Walsh, IAG chief executive, said: "This deal provides a future for bmi Regional and should secure around 330 jobs."
SAH is a consortium of businessmen with experience in aviation and funded by Stephen and Peter Bond who are investors in Loganair.
Brian Adam MSP for Aberdeen Donside said: "I am glad that the Aberdeen based consortium have been successful in this bid for BMI Regional which will potentially save up to 330 jobs.
"This is great news for Aberdeen Airport and continuing competition in routes from the city.
"I have continuing concerns with regards to IAG’s takeover of BMI, but hope that the new owners will seek to continue to enhance routes offered from Aberdeen.
"I hope this will prove a very successful opportunity for SAH, and am sure it represents the continuing trend of investment and success in Aberdeen’s Airport."
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